Pharma Industry To be a Great Contributor For Nation's Economy: Biocon Chief

Research-based motivators to foster imaginative medications can assist the innovative drug area with being worth USD 200 billion by 2030, Biocon Chief Director Kiran Mazumdar-Shaw said. She noted that the pharmaceutical sector has even greater growth potential in the years to come, describing it as a significant contributor to the country's economic expansion.

"India's pharma industry size is estimated at about USD 65 billion today. And by 2030, it is expected to increase to USD 165 billion. Now, I believe it has a potential to even be greater and touch USD 200 billion by 2030," Mazumdar-Shaw added.

Yet, such a degree of development can't simply be driven by generics and biosimilars, it needs to include drug development, she noted.

"We have time to develop new drugs which could be blockbusters and I think what is required are research incentives to drive this kind of growth," Mazumdar-Shaw stated.

She stated that the government has already implemented a number of research-related incentive programs, but they need to be much stronger to spur such growth.

Mazumdar-Shaw also sought that the government ought to decouple private sector investment and ensure that academic research institutes are funded out of the National Research Foundation, as per economic times.

"I also believe that India Inc. is in a digital transformation journey..I think it will be nice to see some incentives being announced for digital transformation investing something like weighted average tax deduction, that could spur greater investment in this area," she added.

Explaining further, Mazumdar-Shaw expressed that the quantity of regions as far as GST ought to be orchestrated with an intend to give specific arising regions a respite with regards to the tax collection.